countdown to college student financial aid
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Countdown to College Student Financial Aid. First Step. Scholarship Web Site. www.ufo.psu.edu. Great Tips. Private Scholarships. Be prepared . Start early . Don't pay . Be persistent. Good Site - College Board. - PowerPoint PPT PresentationTRANSCRIPT
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Countdown to CollegeStudent Financial Aid
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First Step
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GreatTips
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Private Scholarships Be prepared.
Start early.
Don't pay.
Be persistent.
Good Site
- College
Boardhttp://www.psu.edu/studentaid/scholarships/priv_searches.shtml?
reload
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Begin To Gather Income Data •Copy of Parent & Student 2010 Federal Tax Return •Investment Information•All Untaxed Income
Documents•Find Social Security Cards
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Scholarship Information Session
Wednesday November 7th from 6:00 p.m. to 7:30 p.m. at the Penn State Greater Allegheny campus. All are welcome.
Learn how to write scholarship essays & conduct internet searches for private scholarships.
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Begin To Gather Income Data •Copy of Parent & Student 2011 Federal Tax Return •Investment Information•All Untaxed Income
Documents•Find Social Security Cards
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Begin To Gather Income Data •Remember that the FAFSA will eventually need to be updated with the latest tax return - 2012
•For academic year 2013-14 the base tax year is 2012
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Main Document FAFSA
Free Application For Federal Student Aid
www.FAFSA.gov
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What Does The FAFSA Do•Application For All Federal & State Aid •Determines Expected Family Contribution (EFC)•Uses Federal Formula
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What Does The FAFSA Do•Stays The Same Regardless Of College •Two Components• Parent Contribution•Student Contribution•Establishes “Financial Need”
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What Makes COA?•Tuition $12,242 (Billable)•Fees $860 (Billable)•Room & Board $9,100 (Billable)•Books $1,920 (Non-Billable)•Transportation $828 (Non-Billable)•Miscellaneous $3,222 (Non-Billable)•_____________________________________•Total $28,172 / year
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What Is Financial Need?
Cost of Attendance (Varies College to College)
– Expected Family Contribution (EFC)
_______________________________________________________________________
= Financial Need
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What Is Financial Need?
COA ($28,172)
– EFC ($3,000)_______________________________________________________________________
= Need ($25,172)
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What Is Financial Need?
COA ($9,000)
– EFC ($3,000)_______________________________________________________________________
= Need ($6,000)
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Categories Of Financial Aid •Need Based Aid• Federal Pell Grant• PHEAA State Grant• Supplemental Educational Opportunity Grant
(SEOG)• College Work Study• Perkins Loan• Stafford Subsidized Loan (Student Fr max =
$3500)
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Categories Of Financial Aid •Non-Need Based Aid• Stafford Un-Subsidized Loan (Student Fr. Max =
$2000)• PLUS Loan (Parent)
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Stafford Loans•Stafford Subsidized Loan • Borrower Is The Student • Max Loan Is $3500/year• Principal & Interest Deferred – Until Graduation• Interest Rate is 3.4%
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Stafford Loans•Stafford Un-Subsidized Loan • Borrower Is The Student • Max Loan Is $2000/year• Principal Deferred – Until Graduation• Interest Paid While In School• Can Be Deferred (Interest Added To Principal)• Interest Rate is 6.8%
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Stafford Loans•Total Sub & Un-sub Never Be Greater Than $5500/year.•Stafford Sub Not Awarded Can Become Un-Sub Loan
•Examples Of Awards Per Year• $3500 Sub / $2000 Un-sub• $0 Sub / $5500 Un-sub• $1000 Sub / $4500 Un-Sub
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Financial Aid PackagingFall SpringTotal
•Pell Grant $1300 $1300$2600
•PHEAA Grant $1989 $1989$3978
•SEOG $600 $600 $1200
•Outside Scholarship $1000 $1000$2000
•Stafford Subsidized $1750 $1750$3500
•Stafford Un-Subsidized $1000 $1000$2000
_________________________________________________•Total Aid = $7639 $7639
$15,278
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Your Bill (Charges) •Tuition $6,121 (Billable)•Fees $430 (Billable)•Room & Board $4,550 (Billable)_____________________________________•Total $11,101 / semester
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What You OweTotal
•Billable Cost = $11,101/year•Total Aid = $7,639/year_______________________________•What You Owe = $3,462 / semester
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Next - PLUS Loan
•Parent Is Borrower•Fixed Rate Of 7.9%•Parent May Borrow Up To Cost Of Education•Loan Forgiven In Case Of Death Or Disability Of Parent Or Student•Awards If Approved Or Rejected•Delayed Repayment Options Offered
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PLUS Loan Credit Criteria•Bankruptcy (Chapters 7,11 or 12 Within Past 5 Years) Policy Does Not Consider Chapter 13 Adverse•Voluntary Surrender Within last 5 Years•Repossession Within Last 5 Years•Foreclosure Proceedings Started or Within Last 5 Years•Deed In Lieu of Foreclosure
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PLUS Loan Credit Criteria•Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)•Wage Garnishment Within Last 5 Years•Defaulted Loan That Has been Claimed Paid•Lease or Contract on Secured Real Estate•County/State/Federal Tax Lien Within Past 5 Years
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If PLUS Is Rejected•School Automatically Awards $4000 Stafford
Unsubsidized Loan ($2000/semester)•If You Need More Than $4000•File PLUS With An Endorser (www.studentloans.gov)
•Remember if your PLUS is approved with the endorser, the added $4000 Stafford unsubsidized will be removed.
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Personal Identification Number (PIN)
•Must Be Used By Student & Parents Throughout Aid Process (Entire College Career) •Used To Sign FAFSA, MPN & Access Federal Sites•Can Request PIN Now•Name & SSN Must Match Social Security Card
EXACTLY•Web: www.pin.ed.gov
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Personal Identification Number (PIN)
•Must Be Used By Student & Parents Throughout Aid Process (Entire College Career) •Used To Sign FAFSA, MPN & Access Federal Sites•Can Request PIN Now•Web: www.pin.ed.gov
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FAFSA Overview•Available January 1, 2013 •Web: www.FAFSA.gov•Colleges May Set Filing Deadlines•Application For Pennsylvania State Grant (PHEAA) •Can Make Changes/Corrections Any Time •Don’t Be Late •Add Parent Email Address To FAFSA
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Common FAFSA Errors•SSN & Name Do Not Match Social Security Card•Missing Student Or Parent Signature (PIN)•Incorrect School Code•Drug Question Left Blank•Checking Legal Guardian•Missing Parent Data•“Do You Have A Degree?” ….No
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PLUS Loan Credit Criteria•Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)•Wage Garnishment Within Last 5 Years•Defaulted Loan That Has been Claimed Paid•Lease or Contract on Secured Real Estate•County/State/Federal Tax Lien Within Past 5 Years
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PLUS Loan Credit Criteria•Accounts Currently 90 Days or More Delinquent (Accounts Reported as 90 Days Delinquent Which Are Over 5 Years Old Since Last Reported Are Not Considered Adverse)•Wage Garnishment Within Last 5 Years•Defaulted Loan That Has been Claimed Paid•Lease or Contract on Secured Real Estate•County/State/Federal Tax Lien Within Past 5 Years
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Once FAFSA Is Processed•School Will Contact Student Showing Aid Package Or Instruction For Accessing Information•Remember You Can Not Compare Packages•Complete All School Requests ASAP
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Additional Details•Total COA = $14,086 $14,086$28,172•Total EFC = $1500 $1500
$3000•Need = $12,586 $12586$15,278•Total Aid = $7639 $7639
$15,278•Un-Meet Need = $4947 $4947
$9894
•EFC + Aid + Un-Meet Need = COA•$1500 + 7639 + 4947 = $14,086
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Financial Aid OverviewUsing Billable Cost
Fall SpringTotal
•Billable Cost = $11,101 $11,101$22,202•Total Aid = $7639 $7639
$15,278•Un-Meet Billable = $3462 $3462
$6924